"John is taking things slowly. He would like to do some teaching at a fashion school, more one on one with students rather than lecturing to a large group," the source says. "He hopes to finalize a deal with a school soon. It may not even be in the US."

Galliano trained at London college Central Saint Martins so that may be where he would like to return to, although New York's Parsons The New School for Design are said to be keen to welcome him.

The 52-year-old designer is currently in residence at Oscar de la Renta's New York studio where he is thought to be helping prepare the designer's autumn/winter 2013 collection. Rumours also suggest that he may even take a bow alongside Oscar at the end of the show on Tuesday evening.

When asked if Galliano will stay beyond his current three-week tenure, de la Renta has said he would "love for him to stay". "Will he? I cannot tell you that today. Because we haven't gone that far in really discussing it," the designer told
New York Magazine
. "The fact is we work very differently in New York than in Paris. It's night and day. We work at a much faster pace. So the answer is we don't know. We're still exploring."